Core Viewpoint - China Medical (600056.SH) announced that its wholly-owned subsidiary Tianfang Pharmaceutical Co., Ltd. received approval from the National Medical Products Administration for the supplemental application of enteric-coated aspirin tablets [1] Group 1 - The approval signifies a regulatory milestone for Tianfang Pharmaceutical, enhancing its product portfolio [1] - Enteric-coated aspirin tablets are expected to meet market demand, potentially increasing the company's revenue [1] - This development reflects the company's commitment to expanding its pharmaceutical offerings in response to healthcare needs [1]

Group 1 - The core point of the article is that China Medical (600056.SH) announced that its wholly-owned subsidiary Tianfang Pharmaceutical has received approval from the National Medical Products Administration for the supplement application of enteric-coated aspirin tablets, which have passed the consistency evaluation of quality and efficacy for generic drugs [1] - The enteric-coated aspirin tablets are primarily used for the treatment of unstable angina, acute myocardial infarction, prevention of recurrent myocardial infarction, post-arterial vascular surgery or interventional surgery, prevention of transient ischemic attacks, and prevention of cerebral infarction after early symptoms have appeared [1]

证券代码：600056 证券简称：中国医药 公告编号：临 2025-069 号 中国医药健康产业股份有限公司 关于子公司获得药品补充申请批准通知书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，中国医药健康产业股份有限公司（以下简称"公司"）下属全资子公 司天方药业有限公司（以下简称"天方药业"）收到国家药品监督管理局（以下 简称"国家药监局"）核准签发的阿司匹林肠溶片（以下简称"该药品"）《药 品补充申请批准通知书》，该药品通过仿制药质量和疗效一致性评价。现将有关 情况公告如下： 一、通知书基本信息 药品名称：阿司匹林肠溶片 受理号：CYHB2450410 通知书编号：2025B03783 剂型：片剂 规格：100mg 注册分类：化学药品 上市许可持有人：天方药业有限公司 审批结论：根据《中华人民共和国药品管理法》、《国务院关于改革药品医 疗器械审评审批制度的意见》（国发［2015］44号）和《关于仿制药质量和疗效 一致性评价工作有关事项的公告》（2017年第100号）的规定，经审查，同意本 品增加100mg规 ...

中国医药公告，子公司天方药业收到国家药监局核准签发的阿司匹林肠溶片《药品补充申请批准通知 书》，该药品通过仿制药质量和疗效一致性评价。该药品主要用于不稳定性心绞痛、急性心肌梗死等的 治疗，原研厂家为拜耳。国内已有20家企业通过或视同通过该药品的一致性评价。2024年该药品国内公 立医院及公立基层医疗终端年销售额约为28亿元，2025年第一季度销售额约为8亿元。 ...

Core Insights - China's pharmaceutical industry ranks second globally, with approximately 30% of innovative drugs under research worldwide [1] - During the "14th Five-Year Plan" period, the National Medical Products Administration (NMPA) approved 204 innovative drugs and 265 innovative medical devices, with 50 innovative drugs and 49 innovative medical devices approved in the first seven months of this year [1] - The NMPA has optimized the review and approval process for urgently needed foreign new drugs, accelerating the market entry of pediatric and rare disease medications, approving 387 pediatric drugs and 147 rare disease drugs since the beginning of the "14th Five-Year Plan" [1] Industry Quality and Safety - The NMPA focuses on ensuring drug quality and safety, particularly for vaccines and blood products, implementing regular risk assessment and management in key areas such as rural and urban fringe regions [2] - The agency conducts over 200,000 drug inspections, 20,000 medical device inspections, and 20,000 cosmetic inspections annually, ensuring comprehensive coverage of selected products in national procurement [2] - China supports open cooperation in the pharmaceutical industry, facilitating global clinical trials and shortening the global market entry timeline for drugs, while also encouraging foreign investment in domestic production of original drugs and high-end medical equipment [2]

Market Overview - The pharmaceutical commercial sector increased by 0.27% on August 21, with Guofang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Stock Performance - Guofang Co., Ltd. (600538) closed at 6.41, up 1.91% with a trading volume of 315,600 shares and a transaction value of 202 million yuan [1] - Nanjing Pharmaceutical (600713) closed at 5.39, up 1.70% with a trading volume of 181,000 shares and a transaction value of 96.97 million yuan [1] - Shanghai Pharmaceuticals (601607) closed at 19.20, up 0.95% with a trading volume of 173,600 shares and a transaction value of 333 million yuan [1] - Yifeng Pharmacy (603939) closed at 24.49, up 0.91% with a trading volume of 88,100 shares and a transaction value of 215 million yuan [1] Capital Flow - The pharmaceutical commercial sector experienced a net outflow of 277 million yuan from institutional investors, while retail investors saw a net inflow of 293 million yuan [2] - The data indicates that institutional investors are withdrawing capital, while retail investors are increasing their investments in the sector [2] Individual Stock Capital Flow - Nanjing Pharmaceutical saw a net inflow of 16.81 million yuan from institutional investors, while retail investors had a net outflow of 4.14 million yuan [3] - Yifeng Pharmacy experienced a net inflow of 15.49 million yuan from institutional investors, with a net outflow of 23.62 million yuan from retail investors [3] - China National Pharmaceutical (600056) had a net inflow of 8.93 million yuan from institutional investors, while retail investors had a negligible net inflow of 0.12 million yuan [3]

Core Viewpoint - The pharmaceutical distribution industry is characterized by three main business models: wholesale, retail, and various new distribution models, each with distinct operational dynamics and market implications [1]. Group 1: Wholesale Model - The wholesale model, also known as the distribution model, involves selling pharmaceuticals and medical devices in bulk to entities that directly interact with consumers, such as medical institutions and retail pharmacies [4]. - The third terminal in the wholesale model is increasingly favored by internet hospitals, indicating a shift towards digital integration in pharmaceutical distribution [4]. Group 2: Retail Model - The retail model involves retail pharmacies purchasing pharmaceutical products from manufacturers or other distributors and selling them to individual consumers, generating profit from the price difference [7]. - Although the retail model operates on a smaller scale compared to wholesale, it boasts higher profit margins, making it an attractive segment within the pharmaceutical distribution landscape [7]. Group 3: Internet Retail Model - The internet retail model encompasses various online platforms, including internet hospitals and pharmaceutical e-commerce, facilitating diagnosis and drug sales through digital channels [9]. - This model includes B2B, B2C, and O2O formats, reflecting the growing trend of digital transformation in the pharmaceutical sector [9]. Group 4: Third-Party Cold Chain Logistics - The "14th Five-Year Plan" emphasizes the need for a modern, intelligent pharmaceutical supply chain, focusing on enhancing networked, scaled, and specialized logistics services [12]. - Third-party cold chain logistics offer significant advantages, such as reducing initial investment costs for pharmaceutical companies and ensuring temperature-controlled transport, which is crucial for maintaining drug quality [12]. - These logistics providers can effectively manage reverse logistics and product recalls through advanced tracking and data exchange systems, thereby minimizing losses and ensuring compliance with quality standards [12].

批发模式中第三终端受互联网医院青睐 转自：前瞻产业研究院 行业主要上市公司：国药控股(01099.HK);上海医药(601607.SH);华润医药(03320.HK);九州通 (600998.SH);南京医药(600713.SH);华东医药(000963.SZ);英特集团（维权）(000411.SZ)等 医药流通行业主要商业模式可分为三类 医药商业是医药行业的子行业之一，是专门从事医药商品经营活动的独立经济分支，主要负责药品在市 场上的流通。医药流通行业主要商业模式可分为批发模式、零售模式和各类新型流通模式三类。批发毛 利率较低其中又分为纯销、快批和调拨等;零售毛利率较高药品零售企业一般就是所谓的零售药店是直 接面对最终消费者患者的商品流通环节也是药品流通的最终环节。 批发模式即分销模式，是指批量将药品和医疗器械销售给直接接触消费者的最后环节，包括医疗机构、 零售药店、基层医疗机构等或下游分销商。根据销售对象的不同批发模式可进一步区分为以下几类：医 院直销：商业调拨、第三终端。此外由于渠道下沉、分散等特点，第三终端目前也是各互联网医药企业 积极布局的市场。 零售模式规模小但毛利率高 零售模式是指零售药店从医药 ...

Core Insights - The total import and export value of China's medical devices reached $41.09 billion in the first half of 2025, with exports at $24.10 billion (up 5.0%) and imports at $16.99 billion (down 3.9%), resulting in a trade surplus of $7.11 billion [1] Group 1: Export Growth and Structure - Exports of medical devices continued to grow, with all months in the first half of 2025 showing positive growth except for February, indicating a stable external demand [2] - Exports to the U.S. faced challenges due to tariffs, with a 4.41% decline year-on-year, while non-U.S. markets showed strong demand [2] - The export structure improved, with significant growth in hospital diagnostic and treatment products, which reached $11.23 billion (up 8.2%), driven by high-tech products [4] - Exports of disposable consumables reached $5.27 billion (up 8.0%), while health recovery products saw a decline in export value to $4.68 billion (down 1.5%) due to price drops [4][5] Group 2: Market Diversification and International Presence - The export market remained dominated by the U.S., Japan, and Germany, with the U.S. accounting for $5.167 billion (21.44% of total exports), despite a decline in market share [8] - Exports to the EU reached $4.71 billion (up 11.2%), with high-end medical equipment driving growth [10] - Emerging markets showed increased penetration, with exports to ASEAN countries at $2.60 billion (up 1.8%) and to Latin America at $2.02 billion (up 13.8%) [11][13] Group 3: Import Trends and Domestic Innovation - Imports of medical devices totaled $16.99 billion, down 5.7%, marking three consecutive years of decline [19] - The decline in imports was particularly notable in categories like in vitro diagnostic reagents (down 19.4%) and imaging equipment [19][20] - The top three sources of imports remained the U.S., Germany, and Japan, accounting for 49.6% of total imports, with a notable decrease in import values from these countries [21] Group 4: Innovation and Globalization Strategy - The medical device industry in China is focusing on innovation and globalization amidst a complex international environment [23] - In the first half of 2025, 45 innovative medical devices were approved, with 83.3% being domestic products [23] - Companies are restructuring competitive dynamics through technology and global service networks, with significant advancements in high-end medical equipment [23]

Core Viewpoint - The A-share market is experiencing a strong upward trend, with the medical industry showing significant gains, driven by policy improvements and corporate profit recovery [1] Group 1: Market Trends - The A-share market has recently broken through the 3700-point barrier, indicating a bullish trend [1] - The medical sector is highlighted as a strong performer within the market [1] Group 2: Investment Opportunities - Jianxin Fund is launching the Jianxin Medical Innovation fund, focusing on innovative investment opportunities in the medical field [1][2] - The fund manager emphasizes that China's pharmaceutical innovation capabilities have gained significant global competitiveness, transitioning from imitation to original innovation [1][2] - The number of international authorizations for Chinese innovative drugs is on the rise, reflecting global recognition [1] Group 3: Policy Support - Recent measures from the National Healthcare Security Administration and the National Health Commission support the high-quality development of innovative drugs [1] - Ongoing optimization of the selection rules for national medical insurance procurement is expected to further bolster the innovative drug industry [1] Group 4: Fund Strategy - The Jianxin Medical Innovation fund will focus on a dual market strategy (A+H), with an equity allocation of 80%-95% [2] - The fund will prioritize innovative drugs with broad market potential and clear competitive landscapes, while also considering external authorization probabilities and amounts [2] - A new floating fee structure is introduced to align the interests of investors and fund managers, with management fees varying based on holding period and annualized returns [2]